olivLaw · European equity research
SIG plc SHI.L
United Kingdom · London Stock Exchange · ISIN GB0008025412 · Vertical: Listed companies from United Kingdom
SIG plc is a specialist European distributor of insulation, interior and roofing products serving residential, commercial and infrastructure construction. The company operates in a prolonged weak building market but aims to improve performance under its Vision 2030 strategy. Around 80% of revenue comes from insulation and building envelope products.
At the close of 05 Nov 2026, SIG plc (SHI.L) stock was 0.09 GBP (−2.72% on the day), with market capitalisation 104.3 m GBP, beta 0.39, 52-week range 0.08–0.11 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.0
- neutral
- Bollinger (20, 2)
- 0.09 – 0.09
- in the lower half of the band · %B 0.27 · band width 5.6%
- SMA 50 / 200
- 0.09 / 0.09
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.2% | −0.6% | +0.9 pp | — |
| 3 months | +6.0% | −4.2% | +10.2 pp | — |
| 6 months | +11.9% | +4.3% | +7.5 pp | — |
| Year to date | −10.9% | +7.5% | −18.4 pp | — |
| 1 year | +0.4% | +9.9% | −9.5 pp | +5.8% |
| 3 years | −68.0% | +49.8% | −117.9 pp | +26.3% |
| 5 years | −82.4% | +42.8% | −125.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.8 bn | 2.6 bn | 2.6 bn |
| Revenue YoY | unavailable | −5.4% | −0.8% |
| Net income | -43.4 m | -48.6 m | -64.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.04 | -0.04 | -0.06 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1.6% | -1.9% | -2.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 81.3 m GBP
- Financial debt
- 276.2 m GBP
- Net debt
- 194.9 m GBP
- Equity
- 120.5 m GBP
- Total assets
- 1.1 bn GBP
- Debt / equity
- 2.29x
- Current ratio
- 1.52x
- ROE
- -42.7%
- ROA
- -5.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.8 bn | 2.6 bn | 2.6 bn | esef· 04 Mar 2026verified |
| Cost of revenue | 2.1 bn | 2.0 bn | 2.0 bn | esef· 04 Mar 2026verified |
| Gross profit | 699.6 m | 640.0 m | 627.1 m | esef· 04 Mar 2026verified |
| Operating income | 4.0 m | -3.8 m | -9.4 m | esef· 04 Mar 2026verified |
| Interest expense | 38.1 m | 43.7 m | 54.0 m | esef· 04 Mar 2026verified |
| Pre-tax income | -31.9 m | -44.8 m | -61.7 m | esef· 04 Mar 2026verified |
| Income tax | 11.5 m | 3.8 m | 2.4 m | esef· 04 Mar 2026verified |
| Net income | -43.4 m | -48.6 m | -64.1 m | esef· 04 Mar 2026verified |
| Diluted EPS | -0.04 | -0.04 | -0.06 | esef· 04 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 132.2 m | 87.4 m | 81.3 m | esef· 04 Mar 2026verified |
| Receivables | 389.1 m | 370.8 m | 359.9 m | esef· 04 Mar 2026verified |
| Inventories | 259.1 m | 253.8 m | 257.0 m | esef· 04 Mar 2026verified |
| Current assets | 785.1 m | 714.7 m | 700.2 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 65.4 m | 64.9 m | 67.7 m | esef· 04 Mar 2026verified |
| Goodwill | 131.2 m | 129.0 m | 115.6 m | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 15.3 m | 12.5 m | 2.4 m | esef· 04 Mar 2026verified |
| Total assets | 1.3 bn | 1.2 bn | 1.1 bn | esef· 04 Mar 2026verified |
| Accounts payable | 385.8 m | 358.6 m | 370.9 m | esef· 04 Mar 2026verified |
| Short-term debt | 800.0 k | 5.2 m | 16.5 m | esef· 04 Mar 2026verified |
| Long-term debt | 260.0 m | 256.9 m | 259.7 m | esef· 04 Mar 2026verified |
| Current liabilities | 469.1 m | 439.3 m | 461.9 m | esef· 04 Mar 2026verified |
| Total liabilities | 1.0 bn | 998.4 m | 1.0 bn | esef· 04 Mar 2026verified |
| Equity | 228.5 m | 179.8 m | 120.5 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 1.1 bn | 1.2 bn | 1.2 bn | esef· 04 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 114.4 m | 75.5 m | 120.0 m | esef· 04 Mar 2026verified |
| Investing cash flow | -8.7 m | -16.6 m | -7.5 m | esef· 04 Mar 2026verified |
| Financing cash flow | -103.0 m | -98.6 m | -125.3 m | esef· 04 Mar 2026verified |
| Share repurchases | 1.7 m | 900.0 k | 1.6 m | esef· 04 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 104.3 m GBP
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -2.4% | 17 (vs peers) | 31% |
| Net margin · Quality | -2.5% | 26 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.2x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.5x | 60 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.5% | 22 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality20/100 · 2/3 factors with a value
- Returns· partial22/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SIG PLC (SHI.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.6 bn GBP in 2025; YoY growth -0.8%; net margin -2.5%; ROE -42.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -2.4%
- Net margin: -2.5%
- Interest coverage: -0.2x
- Shareholder yield (distributions): 1.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| SHI.LSig PLC | 104.3 m | — | -42.7% | -2.5% | −0.8% | −4% / −68% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for SHI.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SIG plc is a specialist European distributor of insulation, interior and roofing products serving residential, commercial and infrastructure construction. The company operates in a prolonged weak building market but aims to improve performance under its Vision 2030 strategy 1. Around 80% of revenue comes from insulation and building envelope products 1.
SWOT
Strengths
- Market-leading position in insulation across several European markets, with a broad range of building envelope products 1.
- Geographic and portfolio diversification that reduces the impact of any single market on results 1.
- Management states that most businesses continued to take share within their end-markets despite weak demand 1.
Weaknesses
- Construction demand remains weak and like-for-like sales declined in the second half of 2025 1.
- The heavy vehicle fleet is hard to decarbonise, and alternative technologies are not yet proven on cost and supply chain 1.
- Reliance on manufacturers for environmental product data limits control over supply chain information 1.
Opportunities
- Europe's housing shortage and renovation needs could generate long-term demand for the company's products 1.
- Energy efficiency regulation could increase sales of insulation and energy-efficiency solutions 1.
- Development of sustainable and lower-carbon products could open new markets through partnerships with customers and the network 1.
Risks
- Cyber securityhigh
Cyber-attacks could disrupt IT systems or compromise sensitive data, and the company acknowledges that threats are growing faster than prevention capabilities 1.
- Macroeconomic uncertaintyhigh
Economic and geopolitical volatility could delay a construction recovery and make forecasting more difficult 1.
- Legal and regulatory compliancemedium
A major compliance failure could damage reputation, lead to penalties and cause operational disruption 1.
- Attracting and retaining peoplemedium
Shortages of skilled labour in construction could limit the company's ability to reshape and grow the business 1.
- Fleet decarbonisationmedium
Costs and uncertainty over heavy vehicle technology could pressure short-term results if the transition accelerates without viable solutions 1.
Investment thesis
What would need to be true (bull case)
- If the European construction market recovers, pent-up housing demand and renovation needs could support a meaningful increase in sales 1.
- Market-leading insulation positions across several markets could let the company benefit quickly from a volume recovery 1.
- The Vision 2030 strategy could create value over the medium and long term by optimising operations and the portfolio 1.
What would break the thesis
- If construction demand stays weak for longer, results could remain under pressure, especially in markets that weakened late in 2025 1.
- Costs of fleet decarbonisation and regulatory compliance could compress margins in the short term 1.
- Climate and supply risks could affect operational continuity if extreme weather events become more frequent 1.
What to watch
- Like-for-like sales trends and demand in the UK, Germany and Ireland2026
- Progress of the Vision 2030 strategy and operational optimisation targets2026
- Evolution of the fleet decarbonisation plan and its associated costs2026
- Disclosures on cyber security and compliance risks in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
SIG is a specialist European distributor of construction products focused on insulation, interior products and roofing, with top three market positions in insulation across its geographies 1. It serves residential, commercial, industrial and infrastructure customers, and its geographic and product diversity reduces the impact of changes in any single market 1. Its Vision 2030 strategy targets two long-term objectives: optimising operating leverage and optimising the business portfolio 1.
Segments
Insulation and building envelope
This is the core category, representing around 80% of revenue, and includes products that improve the thermal efficiency of buildings and meet tightening regulatory demands 1.
Interiors and roofing
The UK and France roofing businesses also offer solar products, linked to the need to upgrade buildings for better energy performance 1.
Residential and non-residential customers
Residential projects represent around 52% of Group sales, and repair, maintenance and improvement (RMI) work has a weighting of around 44% in pan-European sales 1.
Market context
European construction remained challenging in 2025, with weak volume demand in most geographies linked to GDP and interest rates 1. The company points to long-term structural drivers such as housing undersupply and the fact that approximately 70% of EU houses were built before 1980 1.
Buildings and construction account for approximately 34% of global energy and process carbon emissions, prompting European governments to impose stricter thermal efficiency and insulation standards 1. If these regulations accelerate, demand for insulation products could support the company's activity 1.
Trends
- Structural housing undersupplytailwind
The cumulative deficit of new housing in Europe creates pent-up demand that could support volume growth once the market recovers 1.
- Renovation of ageing buildingstailwind
A large share of European buildings requires renovation and energy upgrades, supporting long-term RMI demand 1.
- Energy efficiency regulationmixed
European rules on thermal efficiency and building decarbonisation could create sales opportunities for insulation products but also add compliance costs 1.
- Stagnating construction activityheadwind
Demand remains below historical levels in all markets and softened further late in 2025 in the UK, Germany and Ireland, which could delay recovery 1.
Competitive position
The reviewed sources do not explicitly name direct competitors, so no comparative details can be drawn from them 1. The company states only that its businesses are outperforming and gaining share within their end-markets 1.
The company's insulation position rests on top three market shares across its geographies, and that advantage could be sustained if it keeps its distribution quality and services for specialist contractors 1.
- Competitors not named in source
The source does not name competitors, so no tickers or comparisons are given.
- Upstream manufacturers and suppliers
The company depends on manufacturers for product and environmental data, a relationship mentioned without named parties.
- Regional building materials distributors
The source does not identify regional distributor rivals; the category is a general description only.
- Solar roofing providers
The company offers solar products in the UK and France, and rivals in this segment are not named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202406 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SIG plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.